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social security hasn't contributed a nickel to the deficit as i mentioned yesterday if you want to look at the deficit look at two unpaid wards maybe a third war in libya look at the tax breaks the hundreds and hundreds of billions we've given to the wealthiest people in this country look at the wall street bailout look at the medicare part d. prescription drug program written by the insurance companies paid for look at the recession which is resulting in less revenue coming into the government those are the reasons why you have a deficit now the point we are making is that you want to deal with social security if you're really worried about the next beyond the next twenty six years then what you want to do is lift the cap on incog sold that millionaires will be paying more into the social security trust fund that people will make are hundred and six thousand dollars a year about alyson truly solve social security for the next sixty or seventy years . senator speaking of the the budget deficit from the george washington administration to the ronald reagan administration other than a few
social security hasn't contributed a nickel to the deficit as i mentioned yesterday if you want to look at the deficit look at two unpaid wards maybe a third war in libya look at the tax breaks the hundreds and hundreds of billions we've given to the wealthiest people in this country look at the wall street bailout look at the medicare part d. prescription drug program written by the insurance companies paid for look at the recession which is resulting in less revenue coming into the government...
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term even when you're wrong the deficit. even bigger than they would under obama would all depend on growth that comes from having these tax cuts that he's going to have over the near term yes i think deficits will be slightly higher under romney unless obviously it leads to a recession because you have the sort of self fulfilling prophecy when you cut you know like when you increase taxes and therefore you. no money of the private sector if you do hard enough it will cause a recession to to her and then potentially you could actually get larger deficits what about the role of private debt because we talk a lot about government debt but private sector debt is something that plays heavily into the economy and you had a chart that you posted on your website actually that i want to bring up that shows what's in this is the. i can't see it that well there we go debt service ratio and then debt to income ratio the debt to income ratio and gray and the debt service ratio in blue you see this is important what is this show and why
term even when you're wrong the deficit. even bigger than they would under obama would all depend on growth that comes from having these tax cuts that he's going to have over the near term yes i think deficits will be slightly higher under romney unless obviously it leads to a recession because you have the sort of self fulfilling prophecy when you cut you know like when you increase taxes and therefore you. no money of the private sector if you do hard enough it will cause a recession to to...
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talk with congressman mark ok and about the progressive plan to save the middle class and trim the deficit and later in the show is a your take my take a wide segment a chance to call in and ask a question or make a comment live on the air. you need to know this rock obama could be the first democratic president in history to cut social security and he could destroy the democratic party doing it according to a report from talking points memo the president told congressional republicans during a wednesday luncheon that he is genuinely interested in cutting social security and potentially medicare as part of a grand bargain to shrink the deficit in particular the president indicated they want to change the way the government measures the cost of living and the social security benefits seniors need to keep up with it technicalities aside the president's offer means only one thing they get a big chunk out of the monthly payments our seniors need to survive retirement a two thousand and ten study from the center for economic policy research concluded that adjusting the calculations used to calc
talk with congressman mark ok and about the progressive plan to save the middle class and trim the deficit and later in the show is a your take my take a wide segment a chance to call in and ask a question or make a comment live on the air. you need to know this rock obama could be the first democratic president in history to cut social security and he could destroy the democratic party doing it according to a report from talking points memo the president told congressional republicans during a...
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the deficits are an economic phenomenon not a policy phenomenon the deficit got to where it is because economic growth contract and so sharply ok if the economy were to grow at historically that's the only way to eliminate deficits if the economy were to grow the deficit were to shrink so it's not a policy decision that creates the deficit it's an economic phenomenon that creates the deficit the second part of your question i didn't really follow ok well then let's let's maybe you can follow this more closely because it's something that i know you will have a strong opinion on a lot of people are wondering about q.e. if there is going to be a killing three you have people reading the tea leaves with that very fact governor's comments that have come out why and badly said something about it today . surely you don't think that more q. we would be a good thing might well yeah no i do not and i guess it's something that we agree on more in and here's why q. we really functions like a tax and the reason that it's true is because it removes interest income from the private sector think about
the deficits are an economic phenomenon not a policy phenomenon the deficit got to where it is because economic growth contract and so sharply ok if the economy were to grow at historically that's the only way to eliminate deficits if the economy were to grow the deficit were to shrink so it's not a policy decision that creates the deficit it's an economic phenomenon that creates the deficit the second part of your question i didn't really follow ok well then let's let's maybe you can follow...
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so then when the deficit got handed over to obama it was nine point two percent of g.d.p. which is the nation's output which is very high now and worse than our interests and now yeah i had a tough position but i think the defense spending is something that is serves a good hard look and no one here in washington is willing to give it that those lauren lyster giving us our economic outlook aren't still ahead tonight's tool time winner just can't keep his mouth shut on a constant pissing off potential voters we'll tell you what g.o.p. senate candidate ken buck said this time that's left him begging for forgiveness and is affirmative action still needed in this country some say yes some say no and as affirmative action which also now applies to asian and latin americans discriminate against whites on that issue we are coming up. watching on t.v. seven thirty in the morning here in moscow and these are the headlines a whistleblower leads thousands of military documents to be internet revealing major cover ups over the war in afghanistan is the biggest media u.s. military hist
so then when the deficit got handed over to obama it was nine point two percent of g.d.p. which is the nation's output which is very high now and worse than our interests and now yeah i had a tough position but i think the defense spending is something that is serves a good hard look and no one here in washington is willing to give it that those lauren lyster giving us our economic outlook aren't still ahead tonight's tool time winner just can't keep his mouth shut on a constant pissing off...
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china trade deficit in fact the decline in the deficit is about $65000000000.00 but in reality the ratio of exports to imports is going to be the same between 20182019 the president also hit on the signing of the u.s. in ca to replace and double what the president focused on the most that was the historically low unemployment numbers for so many groups of americans including african-americans hispanic americans asian americans and young americans. women reached the lowest level in almost 70 years and last year women filled 72 percent of all new jobs added a record number of young americans are now employed well the president also touted the while under the obama administration more than 10000000 people were added to food stamp rolls under his administration more than 7000000 americans have come off with food stamps and 10000000 americans have come off of welfare. and now moving on to what some would say is the only metric of the trumpet ministration success is the global markets that are solidly in the green for the 2nd day in a row with the nasdaq hitting a new 52 week high as the marke
china trade deficit in fact the decline in the deficit is about $65000000000.00 but in reality the ratio of exports to imports is going to be the same between 20182019 the president also hit on the signing of the u.s. in ca to replace and double what the president focused on the most that was the historically low unemployment numbers for so many groups of americans including african-americans hispanic americans asian americans and young americans. women reached the lowest level in almost 70...
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people who don't actually know what causes trade deficit why there's a trade deficit they don't believe the rhetoric and think oh that's a bad it's a good thing that we know it well and it's easy to sell that idea though in terms of the trade deficits when you also talk about jobs that have moved away so trump you mention is populism he has been a populist since he started running i don't know that he actually is one in in fact we certainly as a campaigner he and this populism idea certainly when it comes to nafta when it comes to moving jobs out of the country that has happened for so long and people are so tired of it that now when he talks about a new deal with the e.u. when he talks about a new deal with the u.k. i mean there is a lot of confidence in him from americans who will say whether i like him or not i believe that he is going to fight for america 1st and it's that america 1st mentality that is winning over a lot of people and that is debatable when you're actually shipping jobs away from high tech because so many companies and consumers are now moving to 5 g. and huawei whi
people who don't actually know what causes trade deficit why there's a trade deficit they don't believe the rhetoric and think oh that's a bad it's a good thing that we know it well and it's easy to sell that idea though in terms of the trade deficits when you also talk about jobs that have moved away so trump you mention is populism he has been a populist since he started running i don't know that he actually is one in in fact we certainly as a campaigner he and this populism idea certainly...
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and if we solve the jobs problem that resolves the deficit problem if. that's the case why has that narrative not been picked up by that i know of you know people like big nobel prize winning economist paul krugman have said this over and over again and yet it still is like everybody. the republicans are just rewriting history they're trying to make you think that the reason we have a deficit is because of plans like medicare or social security when you and i both know it was the financial industry the housing collapse and that's what caused our economic problems and now we're trying to get people back to work so that we can have the economy going again but they're rewriting that history so what they're trying to blame it on is the very programs that the middle class and those who can least afford it need the most so they can help their benefactors and we're trying to say just the opposite let's get the economy going if we get the economy going all the trajectories that show the growing deficits the growing problems shrink because that's what we need to
and if we solve the jobs problem that resolves the deficit problem if. that's the case why has that narrative not been picked up by that i know of you know people like big nobel prize winning economist paul krugman have said this over and over again and yet it still is like everybody. the republicans are just rewriting history they're trying to make you think that the reason we have a deficit is because of plans like medicare or social security when you and i both know it was the financial...
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s are ringing the alarm on deficit. there were some of them ringing the bell top execs including those but eighty of them total from big u.s. corporations sent congress a letter asking for a sin thimbles type approach to reigning in the u.s. deficit the budget deficit three dollars in spending cuts for each dollar of tax increases what would be the impact of this or other possible scenarios for dealing with the u.s. debt and deficit simon mccaleb edge of ideas capital is here to talk about it and speaking of deficits according to the financial times japan's finance ministry will hold crisis talks with bond dealers tomorrow as politicians there are at odds over a bill that's needed to allow billions more in borrowing to finance the country's deficit sound familiar japan is often brought up when talking about a country the u.s. is ability to run deficits will discuss the lessons for the u.s. and new g.d.p. numbers from the u.k. if you put stock in them they show the countries rebounding from recession growing by one perce
s are ringing the alarm on deficit. there were some of them ringing the bell top execs including those but eighty of them total from big u.s. corporations sent congress a letter asking for a sin thimbles type approach to reigning in the u.s. deficit the budget deficit three dollars in spending cuts for each dollar of tax increases what would be the impact of this or other possible scenarios for dealing with the u.s. debt and deficit simon mccaleb edge of ideas capital is here to talk about it...
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just recently look in order to remove in order to balance a budget of one point three trillion the deficit right you have to remove one point three trillion dollars from the private sector from the private economy now anyone who could argue that that's a good thing has got to be completely out of their mind and in fact we see them trying to do this in europe where the situation is a little bit different because all those countries over there they're no longer a currency issue as what we see the outcome the deficits are getting bigger the economies are collapsing on employment is skyrocketing you have social unrest everywhere you look look the public's desire to save is what the search determines the size of the deficit the only way that people can have dollars is if the government spends more dollars than it confiscates from us in the form of taxes that's the only way anyone could have a dollar in their pocket so in order for the government to have a balanced books have balance books it has to remove those dollars from the private sector now who's going to sit there and argue that draining
just recently look in order to remove in order to balance a budget of one point three trillion the deficit right you have to remove one point three trillion dollars from the private sector from the private economy now anyone who could argue that that's a good thing has got to be completely out of their mind and in fact we see them trying to do this in europe where the situation is a little bit different because all those countries over there they're no longer a currency issue as what we see the...
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deficit it's an economic phenomenon that creates a deficit the second part of your question i didn't really follow ok well then let's let's maybe you can follow decimal are close late because it's something that i know you will have a strong opinion on a lot of people are wondering about q.e. if there is going to be a q e three you have people reading the tea leaves with every fact governor's comments that have come out like and deadly said something about it today. surely you don't think that mark you we would be a good thing mike but yeah no i do not and i guess it's something that we agree on lauren and here's why q.e. really functions like a tax and the reason that it's true is because it removes interest income from the private sector think about it when the fed conducts q.e. what happens it strips the public of one asset which is a bond and replaces it with cash a reserve balance in the banking system which pays nothing so you have the removal of a very significant amount of income that's the same thing as a tax what is a tax why do we hate taxes because they take income away f
deficit it's an economic phenomenon that creates a deficit the second part of your question i didn't really follow ok well then let's let's maybe you can follow decimal are close late because it's something that i know you will have a strong opinion on a lot of people are wondering about q.e. if there is going to be a q e three you have people reading the tea leaves with every fact governor's comments that have come out like and deadly said something about it today. surely you don't think that...
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budget deficits trade deficits and what you talked about competence deficits when people no longer believe and have faith in that currency can you talk about that. well absolutely and i'm not the only one who ever i mean nobel prize winner thomas sargent wrote a very provocative paper a couple of decades ago where he pointed out fairly clearly let you got a very good data set that if you look at history growth in monetary aggregates is a poor predictor of severe inflation and hyper inflation is going to get me wrong i mean it is a sort of wish it was a chore but the better predictor is very large government deficits and accumulated debt burdens that is alternately the better predictor of bats and me is the clear evidence that it's the confidence came in the future that really matters when you're considering whether or not a currency is going to simply be rated in the investment community in a way that people will only hold it as a source of liquidity rather than as a store of value ok and i hate to say this but that the obviously being a global reserve currency the preeminent global reserv
budget deficits trade deficits and what you talked about competence deficits when people no longer believe and have faith in that currency can you talk about that. well absolutely and i'm not the only one who ever i mean nobel prize winner thomas sargent wrote a very provocative paper a couple of decades ago where he pointed out fairly clearly let you got a very good data set that if you look at history growth in monetary aggregates is a poor predictor of severe inflation and hyper inflation is...
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we're now spending twenty six percent we cut back on the deficits and then cut back on the spending deficits we brought under control but in this decade our tax revenue will be back up back to historical levels so it's not like once again it's not a spending it's not a tax problem it's a spending problem and ben said yeah the rich can afford to pay more and i said this before anybody with a few dollars in their pocket can afford to pay more but we have to weigh the economic cost of somebody paying more and it's very steep for taxing the rich all right scott would you like to reply with. all right if you want to. know it's been very patient go ahead real quick. there's a reason why it's there's a reason why it's difficult to address it on the spending issue in the short term which is almost all of our spending comes from one of five major programs the net interest which can't be cut social security which can't be cut in the short term but should be cut in the long term medicare medicaid which are just reform and probably won't be cut and defense which is difficult because we're in the middle
we're now spending twenty six percent we cut back on the deficits and then cut back on the spending deficits we brought under control but in this decade our tax revenue will be back up back to historical levels so it's not like once again it's not a spending it's not a tax problem it's a spending problem and ben said yeah the rich can afford to pay more and i said this before anybody with a few dollars in their pocket can afford to pay more but we have to weigh the economic cost of somebody...
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the higher prices and the deficit the bilateral deficit with china decreases but the biological deficit with other countries may then increase so you have. some deficit reduction and you have certainly have a bilateral deficit reduction but the multilateral situation will still be there in fact the united states has a larger deficit with the rest of the world. than with china so it's not just about china it would just shift the deficit over to other countries right that's the tricky thing here isn't it be a trickle down effect thanks very much there mr edward harrison founder of credit right down to news and opinion website dedicated to finance and foreign policy thanks again. now the former soviet republic of us back a son is one of the world's leading cotton exporters and while the government cashes in other countries most vulnerable are paying the price as artistic at that in a grouch over reports human rights groups say the cotton industry is thriving on illegal child labor. such is the fear in the eyes of these children the thing they were picking o.p.m. not cotton. mather. of imag
the higher prices and the deficit the bilateral deficit with china decreases but the biological deficit with other countries may then increase so you have. some deficit reduction and you have certainly have a bilateral deficit reduction but the multilateral situation will still be there in fact the united states has a larger deficit with the rest of the world. than with china so it's not just about china it would just shift the deficit over to other countries right that's the tricky thing here...
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you know you you spend till you're at full employment and then you know that the deficit is where it should be we're so focused on this concept of the money which is an accounting unit ok how is it created by a keystroke when we are dealing really what we're dealing with here and the real shame of this whole thing is we're not facing a lack we don't have a lack of institutions we don't have a lack of housing we don't have a lack of workers we don't have a lack of production. capacity what we have a lack of is understanding of how the monetary system works you know we need to utilize and to create the real goods and services that that make up the define our wealth and not continue to focus on the monetary number because the number is a relevant so you spend until they have full employment helpful and my definition you're creating the greatest wealth your economy can create ok let me add that when we have a minute i hate don't we want that karl what's the what's the problem with the mix and you got a minute oh be nice if that was true unfortunately the reality through situation is not
you know you you spend till you're at full employment and then you know that the deficit is where it should be we're so focused on this concept of the money which is an accounting unit ok how is it created by a keystroke when we are dealing really what we're dealing with here and the real shame of this whole thing is we're not facing a lack we don't have a lack of institutions we don't have a lack of housing we don't have a lack of workers we don't have a lack of production. capacity what we...
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we saw the federal government cut back on deficit spending deficit spending is spending more than income and it's like the deficit spending is like an allowance to the economy from uncle sam local sam's as little know boys and girls he gets an allowance he spends more than his income and then again there while it's cut in is down to three percent of g.d.p. it doesn't look like that's any warmer enough to offset the demand which is given the lack of anyone else being in a position to spend more than is in trouble so how does that make any sense to pay or does there is actually very well could but on i want to revisit what you said before about wage growth or why is that wage growth so flat at the moment. so when you have low demand and you have high levels of unemployment. then. that's symptomatic right so this is a skin. the people to compete for the available jobs people have to work to eat businesses only hire if they can get on their terms and so you get continuous competition for the available jobs and you're always funny a job offerings are there because business will hire those peo
we saw the federal government cut back on deficit spending deficit spending is spending more than income and it's like the deficit spending is like an allowance to the economy from uncle sam local sam's as little know boys and girls he gets an allowance he spends more than his income and then again there while it's cut in is down to three percent of g.d.p. it doesn't look like that's any warmer enough to offset the demand which is given the lack of anyone else being in a position to spend more...
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budget deficit. douglas you're going to text a living be jesus out of the middle class that's the unfortunate reality is that there aren't enough rich people to tax to close the deficit you could tax all the rich people everyone over two hundred fifty thousand dollars at one hundred percent of their and then you'd still have a deficit so course the problem with doing that is that the second year and nobody would make more than two hundred forty nine thousand dollars they'd all go to the beach my toys for the rest of the year. and and that's the challenge that you have this day trying to use tax policy as a means of addressing overspending does not work and yet we have drivers of spending in this country specifically health care which is turf falling monopoly protections built all throughout the system all of which wind up costing us ridiculous about somebody and then defense which we spend a crazy amount of money on in no small part because we have had our head in the sand for thirty five years on en
budget deficit. douglas you're going to text a living be jesus out of the middle class that's the unfortunate reality is that there aren't enough rich people to tax to close the deficit you could tax all the rich people everyone over two hundred fifty thousand dollars at one hundred percent of their and then you'd still have a deficit so course the problem with doing that is that the second year and nobody would make more than two hundred forty nine thousand dollars they'd all go to the beach...
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that's called a stimulus on guard because who are our most dangerous deficit is not the budget deficit is the trade deficit and you guys never talk about that because that's all about but in terms of spending we're spending like drunken sailor what i think this is the whole problem here the entire discussion about this budget deal that you're hearing on the mainstream media that we're talking about right now to discuss from having right now is about budget deficits there's no discussion of trade deficits there's no discussion of how to dance you know government spending to improve the lives of the working class is the entire framework and we've discussed fiscal policy for the past four years probably for the past thirty years and it's cutting back cutting or cutting budget deficits that aren't really a problem to begin with is that something is a chicago school stuff here this is that it's all about monetary policy it's all about budget deficits when in fact our budget deficits are not that different from that of most of the other developed countries and a and b. there's never been a d
that's called a stimulus on guard because who are our most dangerous deficit is not the budget deficit is the trade deficit and you guys never talk about that because that's all about but in terms of spending we're spending like drunken sailor what i think this is the whole problem here the entire discussion about this budget deal that you're hearing on the mainstream media that we're talking about right now to discuss from having right now is about budget deficits there's no discussion of...
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how about social security as month senator sanders also released his own proposal to cut the deficit but doesn't throw seniors in the working class under the bus by ripping apart america's social safety net senator sanders joins me now from capitol hill to talk about this issue and the best ways forward for america senator sanders welcome good to be with you great to have you here i had in my radio show today a koch brothers funded think tank guy who said with a totally straight face and said he had all the numbers to back it up by twenty forty all of our tax dollars are going to pay for two things the national debt or interest on the national debt and social security and everything else will be wiped out through no not true at all in terms of social security. right now is an enormous amount of misinformation being thrown to the american people the reality is that social security has a two point six trillion dollars surplus the reality is that social security is one nickel to the deficit because it has a surplus and second of all it is funded by payroll. every worker in america or vi
how about social security as month senator sanders also released his own proposal to cut the deficit but doesn't throw seniors in the working class under the bus by ripping apart america's social safety net senator sanders joins me now from capitol hill to talk about this issue and the best ways forward for america senator sanders welcome good to be with you great to have you here i had in my radio show today a koch brothers funded think tank guy who said with a totally straight face and said...
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a capital account deficit and a trade deficit so what is the point of any country holding more dollars in the central bank if it can never get paid and there's a basic mathematical principle that can't be paid won't be so other countries are trying to prevent getting more dollars and they're trying to circumvent the dollar that's why in the last month china has negotiated currency swaps with turkey india brazil malaysia russia that's what the meetings and the rainbird were last year in russia to make the bric countries with their. associated countries such as iran and the shanghai cooperation organization operate without using the dollars so the effect of quantitative easing by the fed is to turn the dollar into a pariah currency that everybody's trying to avoid because nobody wants them you can't use them to invest in the united states because of the nationalism here other countries don't want dollars what is the point of accepting more dollars so then what is the future of the u.s. dollar as the reserve currency it means that it's finished other countries and basically all the countr
a capital account deficit and a trade deficit so what is the point of any country holding more dollars in the central bank if it can never get paid and there's a basic mathematical principle that can't be paid won't be so other countries are trying to prevent getting more dollars and they're trying to circumvent the dollar that's why in the last month china has negotiated currency swaps with turkey india brazil malaysia russia that's what the meetings and the rainbird were last year in russia...
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debate can any amount of rhetoric fill the gaps in their deficit plans and where is the country headed without sound mass let alone sound money we'll hear from blogger author and radio host karl denninger of the marketing are on that and while the budget plans the presidential candidates may not add up we already know the lack of government planning has the u.s. poised for this. fiscal cliff looming the fiscal cliff it's looming gorged partisan politics could push america over of this cliff. but daunting name and the rest of us died what exactly does this entailed break down the potential damage and word of the day and give you a glaring example of the wasteful costs of political uncertainty all ready documented plus we have a potpourri of manufacturing data out some points to opposite directions for the u.s. and of flu as it points to negative. outcomes in europe our guest will help us make sense of these ingredients and tell us why he thinks the u.s. recession is already baked into the cake let's get to today's capital account. so income obama and challenger mitt romney are getting r
debate can any amount of rhetoric fill the gaps in their deficit plans and where is the country headed without sound mass let alone sound money we'll hear from blogger author and radio host karl denninger of the marketing are on that and while the budget plans the presidential candidates may not add up we already know the lack of government planning has the u.s. poised for this. fiscal cliff looming the fiscal cliff it's looming gorged partisan politics could push america over of this cliff....
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but in terms of the deficit caused. by china and to the deputy chair remember that happened in 2001 just after 911 but nobody noticed that then because of of 911 of course but they we've lost far more jobs due to that than to nafta so the growth of the u.s. trade deficit with china between 20012018 was responsible for the loss of $3700000.00 u.s. jobs including 1700000 jobs lost since 2008 the 1st full year of the great recession which technically began at the end of 20073 fourths or 75.4 percent of the jobs lost between 20012018 were in manufacturing $2800000.00 manufacturing jobs lost due to the growth in the trade deficit with china so again is the trade deficit which maintains the u.s. dollar as that global unit of account with out that trade deficit the u.s. dollar could not be the world's reserve currency so that trade deficit harms american workers but it helps wall street bankers so that's why you see the top running away domestically with all the wealth while the bottom is suffering exactly and they would be in
but in terms of the deficit caused. by china and to the deputy chair remember that happened in 2001 just after 911 but nobody noticed that then because of of 911 of course but they we've lost far more jobs due to that than to nafta so the growth of the u.s. trade deficit with china between 20012018 was responsible for the loss of $3700000.00 u.s. jobs including 1700000 jobs lost since 2008 the 1st full year of the great recession which technically began at the end of 20073 fourths or 75.4...
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in half by the end of his first term he promises to reduce the deficit by four trillion dollars over the next ten years even before the budget was made public angry republicans said hey it looks like a stimulus plan three point eight trillion dollars spending plan that envisions about a nine hundred billion dollars deficit for fiscal two thousand and thirteen four hundred seventy six billion dollars for infrastructure upgrades so it would be over a six year period three hundred fifty billion dollars for job creation thirty billion dollars to hire teachers police officers and firefighters his plans draw some very sharp distinctions between him and the republicans he calls for raising taxes on the rich and billions of dollars for roads energy and manufacturing paid for by savings from two wars. now i want to focus on here is that last little bit in eclipse the money that will be saved from drawing down our two wars that we've heard this thrown in before by paul ryan last september the president's jobs plan and yet again in this new budget about all accounts u.s. troops are no longer in
in half by the end of his first term he promises to reduce the deficit by four trillion dollars over the next ten years even before the budget was made public angry republicans said hey it looks like a stimulus plan three point eight trillion dollars spending plan that envisions about a nine hundred billion dollars deficit for fiscal two thousand and thirteen four hundred seventy six billion dollars for infrastructure upgrades so it would be over a six year period three hundred fifty billion...
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current account deficit which is another knock on the u.s. has far of as well it's roughly half of what it was it's at its worst maybe even a third of the size it was so i think the u.s. economy a relative to other countries and it's with the foreign exchange market measures its relative terms i think the dollars will in the world economy remains undeterred by the rise of china and blemished i think by the financial crisis the dollar still makes up about eighty five percent of the world trade it's one part of about ninety percent of all trades that take place in the foreign exchange market which is five point two trillion dollars a day so i think that despite the problems that we have here in the u.s. it's a relative sense that there's no substitute for the dollar yet that was market shambler cheap currency strategist at brown brothers harriman. time now for a very quick break but stick around because when we return marshall reebok is on the program he's sitting down with me to talk us economy and i'm in minsky and in today's big deal edward
current account deficit which is another knock on the u.s. has far of as well it's roughly half of what it was it's at its worst maybe even a third of the size it was so i think the u.s. economy a relative to other countries and it's with the foreign exchange market measures its relative terms i think the dollars will in the world economy remains undeterred by the rise of china and blemished i think by the financial crisis the dollar still makes up about eighty five percent of the world trade...
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credit card and reducing the deficit. comparing it to reality t.v. the saga continues and the president keeps coming to the podium a network t.v. to make his case usually followed by a response from house speaker john boehner and last night was no exception the president plug what he called the better plan at this point a better path than this crazy road that we're on a plan laid out by senate democrats which raises the deficit or raises the debt ceiling excuse me and makes a small dent in deficit reduction and in what some of compared to telethon tactics the president called on americans to phone in their support. the american people may have voted for divided government but they didn't vote for a dysfunctional government so i'm asking you all to make your voice heard if you want a balanced approach to reducing the deficit let your member of congress know. if you believe we can solve this problem to cover much. many people did send a message and websites crashed and his words were of course dissected by cable news every last drop of it just afterwar
credit card and reducing the deficit. comparing it to reality t.v. the saga continues and the president keeps coming to the podium a network t.v. to make his case usually followed by a response from house speaker john boehner and last night was no exception the president plug what he called the better plan at this point a better path than this crazy road that we're on a plan laid out by senate democrats which raises the deficit or raises the debt ceiling excuse me and makes a small dent in...
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or raises the debt ceiling excuse me and makes a small dent in deficit reduction and in what some of compared to telethon tactics the president called on americans to phone in their support. the american people may have voted for divided government but they didn't vote for a dysfunctional government so i'm asking you all to make your voice heard if you want a balanced approach to reducing the deficit but you're a member of congress not. if you believe we can solve this problem to compromise some of. the. right people did send a message and websites crashed and his words were of course dissected by cable news every last drop of it just afterwards and they're still being dissected today mostly it's pundits on the right and left wing talking points reacting to this speech assessing who is compromising who is not compromising but what is missing what about the meat of what's on the table or the lack of it at this point let's look at the plan that obama was touting senate majority leader harry reid's newest plan it calls for slashing two point seven trillion dollars over the next decade i
or raises the debt ceiling excuse me and makes a small dent in deficit reduction and in what some of compared to telethon tactics the president called on americans to phone in their support. the american people may have voted for divided government but they didn't vote for a dysfunctional government so i'm asking you all to make your voice heard if you want a balanced approach to reducing the deficit but you're a member of congress not. if you believe we can solve this problem to compromise...